The LegacyTeam
TEAM Les Priest Team Blog
RSS Feed
Subscribe and receive email notifications of new blog posts.
RSS Feed
A Message from CJM | 10 Posts
Announcement | 1 Posts
Augusta, ME | 2 Posts
Bangor, ME | 3 Posts
Buying a House | 2 Posts
Buying and Selling | 6 Posts
Careers | 1 Posts
Clean Up Clutter | 5 Posts
Community Activities | 10 Posts
Company News | 1 Posts
Cuisine | 2 Posts
Curb Appeal | 1 Posts
Entertaining | 3 Posts
holiday | 5 Posts
Home Improvement | 35 Posts
Home Maintenance | 7 Posts
Interior Design | 3 Posts
Kennebec River | 1 Posts
Maine | 5 Posts
Masiello Cares | 5 Posts
Monadnock Region | 1 Posts
Moving | 8 Posts
Nashua, NH | 2 Posts
Outdoors | 17 Posts
Portsmouth, NH | 1 Posts
Quechee, VT | 2 Posts
Rockland, ME | 1 Posts
Selling Your Home | 9 Posts
Technology | 2 Posts
Tips for Buyers | 1 Posts
Tips for Sellers | 6 Posts
Uncategorized | 2 Posts
Zoom Towns | 7 Posts
February
22
22
5 Tips for Setting Your Home Renovation Budget
A home renovation project can make your home more enjoyable and functional if you're planning to live in it awhile, and it can also increase the value of your home and make it more appealing to prospective buyers when you're planning to sell. Before starting your project, it's important to set a budget so you can keep a good handle on its costs. Without a budget, it's easy to let expenses rise along the way before eventually spiraling out of control.
Our real estate agents recommend following these 5 tips for setting your home renovation budget:
- Prioritize your changes.
Make a list of what you'd like to accomplish with your home renovation. Maybe your kitchen is so dreary and hard to navigate that you dread preparing meals. Or perhaps you want to replace outdated flooring throughout your home. Whatever your priorities are, rank them accordingly and then look at each part of the project individually. For example, you may want new appliances for your kitchen renovation, but you could live with having your cabinets refinished rather than replaced. - Get bids from several contractors.
Get recommendations online and through friends, family, and coworkers. Your real estate agent also has a good network of contacts, including contractors, that they can recommend. Go over your priorities with the contractors and get bids for the work you want done. Don't automatically go with the lowest bid, however, especially if it's much lower than the others. This isn't the time to cut corners, and you'll want the work to be done to the highest standards. - Figure out how you're going to pay for your renovations.
After getting cost estimates from several different contractors, it's time to figure out how you're going to pay for the work and materials. Cash is always best, of course, but it may not always be an option. Other possibilities include a home equity loan or home equity line of credit (HELOC) that allows you to borrow money against your home or putting some of the costs on a credit card. If you choose these options, make sure you have a solid plan for paying off the debt. - Plan for cost overruns.
No matter how carefully you plan your home renovation budget, unexpected problems could cause costs to increase along the way. Plan a 10-20% cushion in your budget to allow for unforeseen problems. For example, your contractor may discover that your home has old wiring or plumbing that needs to be updated, causing your costs to increase. If that's the case, you'll need a financial cushion to fall back on. - Cut costs where you can.
If you find yourself with bigger dreams than your budget, look at your plan to determine if you can cut costs without sacrificing quality. For example, it may be possible to find gently used or refurbished items that are as good as new. You may also be able to complete some of the simpler parts of the project – such as painting – on your own to help cut costs. Hiring your own subcontractors instead of having a general contractor take care of this can also help you save money, but it also increases the amount of time and effort you'll have to spend on the project.
Contact us to learn more about home renovation budgets and which projects are most likely to help your home sell for more money.
Privacy Policy / DMCA Notice / ADA Accessibility
This site is hosted, designed and copyright
© 1994 - 2026 by
Delta Media Group, Inc. -- Patent Pending --
Agency License Information: Better Homes and Gardens® and the Better Homes and Gardens Real Estate
Logo are registered service marks owned by Meredith Corporation and
licensed to Better Homes and Gardens Real Estate LLC. The Masiello Group
Limited fully supports the principles of the Fair Housing Act and the
Equal Opportunity Act. Each franchise is independently owned and operated.
Any services or products provided by independently owned and operated
franchisees are not provided by, affiliated with or related to Better
Homes and Gardens Real Estate LLC nor any of its affiliated companies.